Abu Dhabi Islamic Bank profit hike

Abu Dhabi Islamic Bank announced a net profit of Dh216.5 million for the third quarter today, up 57.8 per cent from the same period last year, follows growth in core business. The bank made Dh736.7m in the nine months ended Sept 30, versus Dh483m a year earlier. "It is all core business, the normal sources of core income," said chief executive Tirad Mahmoud. "We don't expect surprises in the fourth quarter, positive or negative."

The bank posted nine-month earnings per share (EPS) of Dh0.37 versus Dh0.27 in the same period in 2007. Total assets of the bank grew 19.8 per cent to 49.11 billion at the end of Sept 2008 compared to 40.98bn in the corresponding period of 2007. Islamic financing increased 41.2 per cent during the nine month period to 32.08bn compared to the same period last year. Customer deposits advanced 18.1 per cent to 33.65bn ending September 2008 while shareholders' equity edged up 9.8 per cent to 5.59bn for the same period.

"Our third-quarter results show a healthy, structured growth. We have no exposure to the subprime market, which has sheltered ADIB from much of the turbulence we have seen recently on the international stage," Mr Mahmoud said in a statement. "Our liquidity remains excellent due to our prudent balance sheet management, adherence to Central Bank guidelines and comprehensive customer offerings." * Reuters